The Weekly Wrap / Q2 2026 report card (week ending Jun 26) — stance reflects how each name was framed in this episode (not a price rating). Research: QT Qualtrim · SA Seeking Alpha · STK Stock Analysis.
| Ticker | Name | Research | View | What he said | At |
|---|---|---|---|---|---|
| MU | Micron Technology | QT · SA · STK · FA | Positive | The week's blowout and the purest scarcity play. AI data centers created a shortage of every kind of semiconductor; prices soared. EPS of $2.51 = a 1,215% YoY increase; revenue 41.5B = a 345% YoY increase; stock up 267% into the print yet the 2027 PE is "only 8.7 times" because earnings outran the stock. Management: chip supply stays constrained past 2027. | 7:15 |
| GEV | GE Vernova | QT · SA · STK · FA | Positive | "One of the better AI power stories." Chevron signed a 20-year power purchase agreement with Microsoft to build a West Texas facility powering a Microsoft data center — a majority of the generation from GEV's turbines and electrical infrastructure, "another example of GEV's bundled offering of turbines and electrification equipment." Led the Thursday rally that was confined to chips and power. | 5:15 |
| SNDK | SanDisk | QT · SA · STK · FA | Positive | The other memory-scarcity winner — SanDisk and Micron are "both up over 200% in the second quarter alone" as investors chase semiconductor scarcity created by AI-data-center demand. | 12:52 |
| RL | Ralph Lauren | QT · SA · STK · FA | Positive | The bright spot in a dispersed consumer-discretionary sector (+6% but "tremendous dispersion") — up 20% in Q2. | 13:46 |
| RCL | Royal Caribbean | QT · SA · STK · FA | Positive | Up 17% in Q2 "as it rebounded from its war correction" — the other consumer-discretionary winner alongside Ralph Lauren. | 13:46 |
| MS | Morgan Stanley | QT · SA · STK · FA | Positive | Large investment banks are "bellwether stocks for how investors feel about the economy" — as recession fears faded they rallied, Morgan Stanley up 34% (the biggest of the three) in Q2. | 14:08 |
| GS | Goldman Sachs | QT · SA · STK · FA | Positive | Up 27% in Q2 in the recession-fears-fade bank rally — a bellwether of improving economic sentiment. | 14:08 |
| C | Citigroup | QT · SA · STK · FA | Positive | Also up 27% in Q2 with the other bellwether banks as recession fears faded. | 14:08 |
| GLASS | Glass House Brands | QT · SA | Positive | A cannabis company he owns; premium management interview posted June 24. The rescheduling of medical cannabis to class 3 prompted a move to the NYSE — ticker GLAS begins trading June 30. "I own this stock and this is not meant as a recommendation." | 2:10 |
| CVX | Chevron | QT · SA · STK · FA | Neutral | The counterparty on the West Texas power deal — Chevron signed the 20-year PPA with Microsoft (a majority of the generation coming from GEV's turbines). Referenced as the deal party, not rated. | 5:15 |
| MSFT | Microsoft | QT · SA · STK · FA | Neutral | The buyer of the West Texas data-center power (the GEV/Chevron PPA) — and also one of the hyperscalers (with Amazon, Meta, Oracle, Google) that were "all down on Thursday" even as chips/power rallied, evidence of the capital-intensity/no-moats rollover. | 5:15 |
| AMZN | Amazon | QT · SA · STK · FA | Neutral | One of the hyperscalers "all down on Thursday" while the Micron-led rally stayed confined to chips and power — the capital-intensity/no-moats worry weighing on the group. | 9:46 |
| META | Meta Platforms | QT · SA · STK · FA | Neutral | Listed among the hyperscalers down Thursday — the momentum drained from the capital-intensive, no-moats group. | 9:46 |
| ORCL | Oracle | QT · SA · STK · FA | Neutral | Also among the hyperscalers down Thursday despite the chip/power rally — part of the tech-leadership rollover. | 9:46 |
| AAPL | Apple | QT · SA · STK · FA | Neutral | Down on Thursday too — it raised prices on its MacBook and iPad "because of higher memory chip prices" (the flip side of the memory-scarcity boom lifting Micron/SanDisk). | 10:08 |
| TFC | Truist Financial | QT · SA · STK · FA | Neutral | Hired away Fiserv's CEO — "as its CEO resigned to become the CEO of Truist" — the reason Fiserv slumped. | 14:33 |
| ACN | Accenture | QT · SA · STK · FA | Negative | "Quite disastrous" — the AI-kills-consulting fear made real. Revenue up a "paltry" 3%, bookings down 3% (contracts pushed to FY27); clients spend more on AI but cut everything else, so net net results stay weak. Three acquisitions announced in one day "looks like buying stuff to hide weakness." Stock −18% Friday, −50% YTD, −35% in Q2. "Ugly." | 3:54 |
| GOOGL | Alphabet (Google) | QT · SA · STK · FA | Negative | The "no moats / no non-competes" exhibit: its Gemini co-head left for OpenAI and a senior DeepMind engineer left for Anthropic — "if engineers can switch companies at will, product differentiation becomes almost impossible." (Communication services were +7% in Q2 "but much of that performance was just from Google being up 20%.") | 6:50 |
| NKE | Nike | QT · SA · STK · FA | Negative | "A turnaround story for 2 years that has not turned around." After hosting three Evercore consumer analysts June 22, one of them — Michael Benetti, who covers Nike — downgraded it buy→hold the next day "because there is just no evidence that the turnaround is taking hold. Quite the opposite." Down 21% in Q2. | 8:11 |
| SPCX | SpaceX | QT · SA · STK · FA | Negative | "Going to be a very volatile stock" — +19% IPO day, +20%/+5% the next sessions, then straight down (−5%, −4%, −16%), leaving it only 14.5% above the IPO price. The −16% Monday came on a $20B bond sale (upsized to $25B) "which supports our thesis that SpaceX has become a very capital-intensive business." | 5:43 |
| CRM | Salesforce | QT · SA · STK · FA | Negative | One of the software names "fears about AI continue to haunt" — down 18% in Q2. | 13:18 |
| ADBE | Adobe | QT · SA · STK · FA | Negative | Down 19% in Q2 — an AI-disruption-fear casualty in software alongside Salesforce and Intuit. | 13:18 |
| INTU | Intuit | QT · SA · STK · FA | Negative | The worst of the software group — down 39% in Q2 on AI-disruption fear. | 13:18 |
| IT | Gartner | QT · SA · STK · FA | Negative | In consulting, "Gartner and Accenture were down 18% and 35% respectively" — the same AI-replaces-advisory fear hitting consulting names. | 13:18 |
| NFLX | Netflix | QT · SA · STK · FA | Negative | "Seems to have completely lost its mojo," down 25% in Q2 — "Netflix's growth story no longer seems that powerful." The big drag inside otherwise-positive communication services. | 13:18 |
| DPZ | Domino's Pizza | QT · SA · STK · FA | Negative | "Continues to suffer from the low-end consumer pulling back" — down 20% in Q2, the K-shaped-consumer tell persisting. | 13:46 |
| LULU | Lululemon | QT · SA · STK · FA | Negative | With Nike, one of "two turnaround stories that are just not turning" — down 26% in Q2. | 14:08 |
| FI | Fiserv | QT · SA · STK | Negative | Down 14% in Q2 — "the payment space remains a place to avoid" — and its CEO resigned to run Truist. "Just about every payment stock was down for the second quarter." | 14:33 |
| PYPL | PayPal | QT · SA · STK · FA | Negative | Down 6% in Q2 in the payments rout he says to avoid. | 14:33 |
| COIN | Coinbase | QT · SA · STK · FA | Negative | Down 14% in Q2 — "as Bitcoin and other digital currencies have corrected, financial companies devoted to the space suffered." | 14:56 |
"View" is Eisman's framing in this episode (Positive / Neutral / Negative), not a price rating. The Q2 report-card through-line: play scarcity, not the capital-intensive buyer — memory (Micron/SanDisk +200%) and AI power (GE Vernova) won; the hyperscalers, software, and consulting (the AI "victims") and the no-moats AI names rolled over as the rally corrected. Banks rallied on fading recession fears; energy gave back its war gains; payments/crypto stayed weak. Research: QT Qualtrim · SA Seeking Alpha · STK Stock Analysis.
A jargon-free summary of the view on each name — what it is and why he frames it that way. (Plain-language companion to the table above; renders on each ticker's consolidated page.)
Micron makes memory chips (the DRAM and flash storage inside servers, phones and PCs). AI data centers gobble up so many chips that there's now a shortage of essentially every kind of semiconductor, and shortages let sellers raise prices hard. The result was a stunning quarter: earnings per share of $2.51, up 1,215% from a year ago, on revenue up 345%.
The remarkable part is valuation. Even though the stock had already risen 267% before the report, it trades at just 8.7× expected 2027 earnings — because profits grew even faster than the price. And management says the chip shortage lasts "past 2027," so the tailwind isn't over. This is Eisman's cleanest example of "play scarcity": own the supplier whose product is in short supply, not the buyer burning cash to get it.
GE Vernova builds the equipment that generates and moves electricity — gas turbines plus the electrical gear around them. AI data centers need enormous, reliable power, and that's exactly what GEV sells. The catalyst this week: Chevron signed a 20-year deal to supply power to a new Microsoft data center in West Texas, and most of that power will run on GEV's turbines and electrical systems.
Eisman likes that GEV sells a bundle (turbines plus electrification) and calls it "one of the better AI power stories." It's the same "own the supplier" logic as Micron — sell the picks and shovels to the AI build-out rather than owning the capital-hungry data-center operators themselves.
SpaceX recently went public and has been wildly volatile: a 19% pop on day one, more gains, then a string of sharp drops — leaving it only 14.5% above its IPO price. The tell Eisman fixes on is a $20 billion bond sale (raised to $25 billion) the company announced as the stock fell. Needing to borrow that much confirms his thesis that "SpaceX has become a very capital-intensive business" — one that constantly needs to raise outside money rather than funding itself.
That's the heart of his AI-era worry: capital intensity without a durable competitive advantage. A business that keeps having to sell stock and bonds to fund its growth puts the bill on investors, and the volatility shows the market hasn't decided what it's worth.
Google's negative news this week wasn't the business — it was people walking out the door. The co-head of its Gemini AI models left to join OpenAI, and a senior engineer from its DeepMind lab left for Anthropic. Eisman's point is structural: if the best engineers can freely jump from one AI company to the next (no non-compete agreements stopping them), then no company can keep a lasting technical edge — the "no moats" problem made concrete.
That talent flight is why he frames the news negatively even though Google's stock was actually up 20% for the quarter (it carried almost the whole communication-services sector). The worry is about durability, not this quarter's price.
Accenture is one of the world's largest management-consulting firms (it began as Arthur Andersen Consulting and spun off in 2001, just before the Enron scandal sank its old parent). The big fear hanging over the whole consulting sector is that AI will let companies do for themselves much of what they used to pay consultants for — and Accenture's quarter did nothing to ease that fear.
Revenue grew a "paltry" 3%, and bookings (future work signed) actually fell 3%. Management's read: clients are pouring money into AI but cutting back on everything else, so the net effect is weak. Announcing three acquisitions in a single day looked to Eisman like "buying stuff to hide weakness." The stock fell 18% in a day and is down over 50% this year — his headline example of an AI victim, the opposite of a scarcity winner like Micron.
Nike has been billed as a turnaround for two years — and it still hasn't turned. After Eisman hosted three Evercore consumer analysts, the one who covers Nike (Michael Benetti) cut his rating from "buy" to "hold" the very next day, because there's simply no evidence the comeback is happening — "quite the opposite." The stock was down 21% for the quarter.
The lesson Eisman draws is a discipline: a turnaround thesis is only worth holding while there's evidence the turn is actually underway. When quarter after quarter shows none, the right move is to step back rather than keep waiting — the same trap he flags with Lululemon, another "turnaround that's just not turning."
Summary & timestamps derived from the public YouTube video (transcript in transcript.txt) for personal study. Not investment advice. © The Real Eisman Playbook / Steve Eisman for source material.